Hong Kong Stocks Edge Up, Most Asian Markets Fall

Hong Kong stocks went into the break on Wednesday with some gains after suffering steep losses the day before, though virus fears continue to weigh on sentiment.

The Hang Seng Index added 0.3 percent, to 26,063.

On the mainland, the Shanghai Composite Index gained 0.7 percent, to 3,3702 while the Shenzhen Composite Index soared 0.9 percent, to 2,176.

Most other Asian markets stuttered again with Tokyo going into the break 0.2 percent lower, while Seoul fell 0.3 percent and Singapore 0.1 percent. Wellington and Manila were also down.

Sydney shed 0.4 percent, with Australian traders spooked by the decision to lock down five million people in the second-biggest city of Melbourne as it struggles to control a new outbreak of the disease, wiping out early successes.

After "a five-day rally where the market's up quite a bit, it's not so surprising to have a little bit of a pause", Jeff Mills, at Bryn Mawr Trust, said. "It's just sort of the natural movements of the market. You can't go up in a straight line every single day."

The uncertainty on markets has pushed investors to seek out safe-haven assets, with gold within spitting distance of the US$1,800 mark not seen since November 2011. (AFP)

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